Table A.1
MACROECONOMIC ASSUMPTIONS, 1999 - 2003
Particulars		Actual			2002						Targets
		1999	2000	2001	Program	31-Jan-02	#######	6-Jun-02	Latest Actual	26-Jun-02	2002	#######	6-Jun-02	26-Jun-02	2003
						(prog. Based on	ETB	DBCC		Proposed		ETB	DBCC	Proposed
Nominal GNP (PB)       low		3,136.2	3,496.9	3,853.3	4,181.8	4,234.1	4,213.8	4,213.8	966.1	4,199.7	4,199.7	4,644.7	4,644.7	4,618.9	4,582.3
	high				4,265.4	4,288.8	4,262.3	4,262.3	(Q1 2002)	4,259.7	4,259.6	4,767.8	4,767.8	4,750.7	4,713.5
										9.0	9.0				9.1
Real Growth GNP (%)		3.7	4.8	3.4	4.1-4.6	4.5-5.0	4.5-5.0	4.5-5.0	4.9	4.5-5.0	4.5-5.0	5.5-6.0	5.5-6.0	5.5-6.0	5.1-5.7
Nominal GDP (PB)       low		2,976.9	3,308.3	3,640.0	3,946.7	3,977.2	3,958.2	3,958.2	898.8	3,950.6	3,950.6	4,357.8	4,357.8	4,344.0	4,307.1
	high				4,061.4	4,023.0	4,002.4	4,002.4	-	4,007.9	4,007.9	4,471.8	4,471.8	4,471.7	4,439.9
Real Growth GDP (%)		3.3	4.4	3.2	4.0-4.5	4.0-4.5	4.0-4.5	4.0-4.5	3.8	4.0-4.5	4.0-4.5	5.4-5.9	5.4-5.9	5.4-5.9	5.0-5.5
										3,360.7	3,360.7
										3,407.1	3,407.1
GDP Net of Agri (P Billion)    low				3,090.602	3,326.184					3,360.667	3,360.667			3,706.383	3,675.181
	high									3,407.115	3,407.116			3,810.370	3,784.524
	Agri         low										589.888				631.888
	high										600.749				655.387
Sectoral Growth Rates (%)
	Agri., Fishery & Forestry	6.5	3.4	3.7	2.7-3.6	2.7-3.6	2.7-3.6	2.7-3.6	4.40	2.7-3.6	2.7-3.6	3.4-4.3	3.4-4.3	3.4-4.3	3.0-3.9
	Industry	(2.1)	4.9	1.3	4.0-4.3	3.3-3.7	3.3-3.7	3.3-3.7	1.90	3.3-3.7	3.3-3.7	5.8-6.2	5.8-6.2	5.8-6.2	5.3-5.8
	Services	4.0	4.4	4.4	4.5-5.0	5.0-5.5	5.0-5.5	5.0-5.5	4.80	5.0-5.5	5.0-5.5	5.8-6.3	5.8-6.3	5.8-6.3	5.5-6.0
Inflation, CPI (1994=100)             a/		6.6	4.4	6.1	5.0-6.0	5.0-6.0	4.5-5.5	4.5-5.5	3.60	4.5-5.5	4.5-5.5	4.5-5.5	4.5-5.5	4.5-5.5	4.0 - 5.0
									(Jan-May '02)
91-Day Treasury Bill (%)              a/		10.2	9.90	9.86	10.0-11.0	9.5-10.5	9.0-10.0	7.0-8.0	5.81	7.0-8.0	7.0-8.0	9.0-10.0	9.0-10.0	9.0-10.0	8.0-9.0
									(Jan-May '02)
Exchange Rate (P:$)        low       a/		39.09	44.19	50.99	51.50	51.50	51.00	50.00	50.90	50.00	50.00	52.00	51.00	51.00	51.00
	high				52.50	52.50	52.00	51.00	(YTD)	51.00	51.00	53.00	52.00	52.00	52.00
LIBOR Rate, 6 Months		5.5	6.6	3.7	3.7	2.8	2.8	2.8	2.1	2.8	2.8	4.50	4.50	4.50	3.7
									(Jan-May '02)
Dubai Oil Price (US$/Barrel)		16.31	27.89	23.63	24.96	20.56	23.64	23.64	21.93	23.64	23.64	23.88	23.88	23.88	24.62
									(Jan-May '02)
Exports (US$M)		34,210	38,077	32,151	31,701	31,701	33,437	33,437	10,857	33,437	33,437	36,781	36,781	36,781	36,781
	Growth of Exports (%)	16.0	8.7	(15.6)	-	-	4.00	4.00	0.40	4.00	4.0	10.0	10.0	10.0	10.0
									(Jan-Apr '02)
Imports (US$M)		29,252	31,387	29,551	30,350	30,350	31,292	31,292	7,084	31,292	31,292	34,421	34,421	34,421	34,734
	Growth of Imports (%)	(0.9)	2.1	(5.8)	3.0	3.0	6.0	6.0	(2.6)	6.0	6.0	10.0	10.0	10.0	11.0
									(Jan-Mar '02)
Current Account Balance (US$M)		7,648	8,500	4,504	2	2	3	3	1	3	3,200	3.7	3.7	3.7	3.3
Percent of GDP (%)		10.0	10.7	5.9	3.0	2.4	4.0	3.3	-	3.9	3.9	4.2	4.1	4.1	3.8
									(as of Feb '02)
Gross International Reserves (US$M)		15,107	15,024	15,658	14	15	15	15	17	15	14,800	15.55	16.10	16.10	16.18
	Equivalent Months of Imports	4.4	4.4	5.0	4.2	4.3	4.3	4.4	5.6	4.4	4.4	4.3	4.4	4.4	4.4
Population Growth Rate (%)		2.18	2.14	2.07							2.02				1.98
									(Apr '02)
Deficit (in P billion)			(134.2)	(147.0)	(130.0)	(130.0)	(130.0)	(130.0)	(61.2)	(130.0)	(130.0)	(98.4)	(98.4)	(98.4)	(140.0)
	as percent to GNP		(3.8)	(3.8)	(3.1)	(3.1)	(3.1)	(3.1)	(6.3)	(3.1)	(3.1)	(2.1)	(2.1)	(2.1)	(3.1)
	as percent to GDP		(4.1)	-4.0	-3.3				(Mar '02)
Sources: NEDA, BSP, NSCB, DOF
/a Average for the year
	Memo Item:
	The Revised columns for GNP/GDP are growth projections submitted by NEDA as of July 10, 2002 given actual 2001 data.
	submitted by NEDA on July 17, 2002
	edb